Sirlibz
Reddit, an online engagement platform for both discussions and news has released two ERC20 tokens for beta testing. The two tokens released are Moons which will function in the r/Cryptocurrency subreddit community and Bricks for the r/FortNiteBR community.
This is regarded as great exposure to the crypto world since these Reddit communities have millions of users with r/FortNiteBR having a lot of teens who play lots of games and some other fun events. Tokens will be released fully later this summer.
So what exactly will these tokens be used for and how??
First off, on each of the said Reddit communities, we have this pinned text.
This means that the said tokens are fully decentralized and are not controlled by Reddit after a user redeems it. Wallets created on the in-app ERC20 wallet will have both a Private and public key which means you can easily have access to these funds outside of Reddit by importing the private keys in wallets like IM Token or Trust wallet.
DISTRIBUTION PLAN
Tokens will be distributed monthly and users will earn based on their individual contributions in or interactions in this subreddit community.
Reddit will start off by distributing 50M of both tokens to previous users who have been active and have at least 100 karma as a means of compensation for their contributions in these communities.
On the Reddit pinned message, we get to know that 5 million of these tokens will be distributed monthly and a 2.5% will be reduced from that amount every monthly cycle until the maximum cap of 250 million is reached.
These tokens will be earned as points known as Community points. It’s a new feature Reddit has in place to reward users who contribute in the selected communities.
WHAT CAN I USE THESE TOKENS FOR
Within the Community – At present, $Moons and $Brick can be used to buy badges and other awards, buy special memberships in any subreddit ( with special membership you get access to flairs, custom emotes and many more). You also get to tip other users.
Outside the Community – As noted earlier ,these tokens are ERC20 tokens. This means they are built on the Ethereum blockchain. As blockchain tokens you can basically do anything with it once redeemed just like every other cryptocurrency out there. These tokens are independent of Reddit, that means you decide what you do with it including accepting it as an option for payment.
This by far is one of the greatest news for the crypto world, we will have new users embrace the blockchain tech and get to know more about how it works. Hopefully we might have a new circle of Investors and project owners from this.
Check out the video for more info on Reddit & why ETH is headed for $300
